Karachi, June 7, 2023 – Pakistan’s stock market continued its upward trajectory on Wednesday, buoyed by hopes of a loan program under the International Monetary Fund (IMF).
The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) closed at 42,143 points, marking an increase of 220 points from the previous day’s closing at 41,923 points.
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Analysts at Arif Habib Limited noted that the positive trend from the previous session carried forward, as rumors of the IMF program’s continuation, which is expected to be finalized in June, gained prominence. The market opened in the green and sustained strong momentum throughout the day.
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Investor activity remained robust, with particular focus on the technology and telecom sectors. The Prime Minister’s suggestion of incentives for these sectors in the upcoming budget garnered attention and contributed to the overall market sentiment. Healthy trading volumes were witnessed across various sectors.
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Key sectors that contributed to the market’s performance included Technology & Communication (+100.1 points), Chemical (+44.8 points), Exploration & Production (+36.5 points), Oil Marketing Companies (+21.3 points), and Vanaspati & Allied Industries (+13.5 points).
Trading volumes also witnessed a significant increase, with shares traded rising from 240.8 million to 332.5 million (+38.1 percent day-on-day). Furthermore, the average traded value experienced a marginal uptick of 0.4 percent, reaching USD 25.0 million compared to USD 24.9 million.
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Among the actively traded stocks, notable contributors to the trading volumes were WTL, TELE, PIBTL, TPLP, and UNITY.
The continued positive performance of Pakistan’s stock market reflects the optimism surrounding the potential IMF loan program, which is expected to provide economic stability and support the country’s financial growth.
